Last updated: February 20. 2013 1:08AM - 109 Views

Story Tools:

Font Size:

Social Media:

(AP) The owner of Mandee, Annie Sez and Afaze stores is citing effects from Superstorm Sandy as it seeks Chapter 11 bankruptcy protection.

Big M Inc., of Totowa, N.J., filed the petition in U.S. Bankruptcy Court in New Jersey.

The company was recovering from the economic downturn when the storm closed most of its stores in New Jersey, New York and Connecticut for a week or more along with its offices and distribution center.

Business never rebounded. Documents show the company has not yet collected from its insurance carrier. Big M says that left it without enough cash to operate.

The family owned retailer is reporting debt of about $15 million. It was founded in 1948, operates 129 stores in eight states and employs about 1,200.

Associated Press
All user comments are subject to our Terms of Service. Users may flag inappropriate comments.
comments powered by Disqus

Featured Businesses


Info Minute

Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com